​TVO starts a cooperation procedure to improve cost efficiency

The employee negotiations concerning nearly the entire personnel of TVO are initiated on Wednesday 14 January 2015 because the company is planning efficiency-related structural changes which will have implications to personnel. In order to adjust company´s cost structure, generic reductions are planned because of economic, production and restructuring reasons. The operational employees of the Olkiluoto nuclear power plant, safety engineers on duty as well as persons authorized by safety authority STUK are excluded from the negotiations.

The objective of TVO´s plans is to achieve 15 million euro annual cost savings. The cost savings are planned to be achieved for example by centralizing corporate support functions.

Based on the preliminary assumptions the reduction need induced by the planned restructuring is 110 man working years at the most.

- The competitiveness of the electricity produced in Olkiluoto has declined during the recent years and the outlook of the future is uncertain. Electricity market price has dropped and there are no signs of improvement in the coming foreseeable future. In addition, costs related to nuclear power production have increased and the delay of Olkiluoto 3 project has caused remarkable additional costs. In order to improve the competitiveness of Olkiluoto electricity production we need to start these regrettable measures, says Mr. Jarmo Tanhua, President and CEO of TVO.

For more information, please contact:
• Jarmo Tanhua, President and CEO of TVO, tel. +358 2 8381 2000 (available between 1 and 2 pm EET).
• Requests for interviews: communications manager Pasi Tuohimaa, tel. +358 40 544 5001